Investors from all over the world were furiously buying shares in French insurance UAP to take advantage of a hoped for premium if as expected, the AXA merger is approved by French authorities. UAP has a controlling shareholding in the Irish insurance group, New Ireland.

UAP shares exploded at the opening bell in Paris, leaping 17.19 per cent from their close on November 18th. The stock was the biggest gainer in the market on huge volumes.

Dealers and analysts said the heavy movement in UAP shares was a sign of international interest and approval for the deal.